| Thu 12 Nov 2009, 15:30 | | RDI - Rockwell - Recovers Exceptional Stones From Saxendrift And Sale Of 8.88 |
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RDI
RDI
RDI - Rockwell - Recovers Exceptional Stones From Saxendrift And Sale Of 8.88
Carat Stone For Excellent Margin
ROCKWELL DIAMONDS INCORPORATED
(A company incorporated in accordance with the laws of British Columbia,
Canada)
(Incorporation number BCO354545)
(Formerly Rockwell Ventures Inc.)
(South African registration number: 2007/031582/10)
Share code on the JSE Limited: RDI ISIN: CA77434W1032
Share code on the TSX: RDI CUSIP Number: 77434W103
Share code on the OTCBB: RDIAF
("Rockwell")
ROCKWELL RECOVERS ADDITIONAL EXCEPTIONAL STONES FROM SAXENDRIFT
STEINMETZ SELLS ROCKWELL VIVID YELLOW 8.88 CARAT STONE FOR EXCELLENT MARGIN
November 12, 2009, Vancouver, BC - Rockwell Diamonds Inc. ("Rockwell" or the
"Company") (TSX: RDI; JSE: RDI; OTCBB: RDIAF) reports that it has recovered
three exceptional coloured stones from the Saxendrift alluvial diamond mine
in South Africa. In addition, an outstanding 8.88-carat vivid yellow stone
recovered by Rockwell earlier in 2009 has been manufactured and sold by the
Steinmetz Diamond Group ("SDG").
Recently recovered stones
Rockwell has during the month of October recovered three high-quality
coloured diamonds, comprising a salmon-pink stone of 30.54 carats and two
intense fancy yellow stones of 35.54 carats and 36.32 carats from its
Saxendrift mine on the Middle Orange River. The three stones have the
following characteristics:
- Salmon pink stone: This 30.54-carat stone is a mixed colour, including
pink, orange and brown. The rough diamond form is flat and elongated and
approximates a Marquise shape in the rough. It is of excellent clean clarity
and is a makeable stone, which should yield a good recovery factor in the
polished product in spite of its flattened elongate shape.
-Intense fancy yellow: This 35.54-carat stone is clean and of excellent
clarity. The shape represents a blocky form, which was previously octahedron,
and that has had all it sides removed through wear and abrasion during
extensive high river transport.
- Intense fancy yellow: This 36.32-carat stone is of excellent clean
clarity. The shape is octahedral, although three corners are broken and this
has left slight indentations in the stone, which will result in a lower
recovery factor in the polished form than the 35.54-carat stone above.
These three stones are being processed under the beneficiation agreement with
SDG. SDG manufacturing provides value enhancement in the cut and polished
form, and thereby yielding excellent margins from the sale of the finished
product.
Manufactured stone
In early November, SDG successfully concluded the sale of an exceptional cut
and polished 8.88-carat vivid yellow diamond. This diamond was manufactured
by SDG in South Africa from a 22.74-carat, intense yellow stone from the
Saxendrift mine. As a consequence of the expert local beneficiation skills
yielded, there is enhancement in the final colour intensity of the polished
product as compared to a lighter colour in the rough diamond. Rockwell will
achieve a margin of about 43% above the original rough diamond price.
President and CEO John Bristow stated "Our Saxendrift mine continues to yield
an array of exceptional diamonds, including large stones and smaller rare
fancy stones of exceptional colour. We expect the latest coloured stones to
attract strong rough prices in an improving market.
We are also particularly pleased that, as has been the case with a
significant number of other Rockwell rough diamonds, the recently sold 8.88-
carat manufactured stone from Saxendrift was beneficiated locally by skilled
South African cutters and polishers ensuring that Rockwell and its Partner
support the development of the local diamond beneficiation industry. Our
joint venture with SDG continues to provide Rockwell with financial benefits
and has helped the Company generate additional cash flow in tough market
conditions."
For further details on Rockwell Diamonds Inc., please visit the Company`s
website at ww.rockwelldiamonds.com or contact Investor Services at (604) 684-
6365 or within North America at 1-800-667-2114.
John Bristow
President and CEO
No regulatory authority has approved or disapproved the information contained
in this news release.
Forward Looking Statements
This release includes certain statements that may be deemed "forward-looking
statements". Other than statements of historical fact all statements in this
release that address future production, reserve or resource potential,
exploration drilling, exploitation activities and events or developments that
each Company expects are forward-looking statements. Although the Company
believes the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially from
those in the forward-looking statements. Factors that could cause actual
results to differ materially from those in forward-looking statements include
market prices, exploitation and exploration successes, changes in and the
effect of government policies regarding mining and natural resource
exploration and exploitation, availability of capital and financing,
geopolitical uncertainty and political and economic instability, and general
economic, and market or business conditions. Investors are cautioned that any
such statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected in the
forward-looking statements. For more information on Rockwell, Investors
should review Rockwell`s annual Form 40-F filing with the United States
Securities and Exchange Commission www.sec.com and the Company`s home
jurisdiction filings that are available at www.sedar.com.
Johannesburg
12 November 2009
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 12/11/2009 15:30:01 Produced by the JSE SENS Department.
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